Multi-Bank Group TESI to Adopt Fix Protocol
Fix Trading Community has announced that the Trading Enablement Standardisation Initiative (TESI), a multi-bank group developed by London-based IT consultancy Etrading Software and supported by a number of investment banks, has adopted the Fix Protocol guideline in order to reduce operational risk and enable more efficient set up of clients on over-the-counter (OTC) electronic trading platforms.
Since its launch in January 2013, TESI has been working with a number of platforms to promote an open standard for the standardization, automation, and configuration of dealers and their clients across external electronic trading platforms and internal single-dealer platforms.
"Historically, the management of trading relationships across OTC markets has been an error-prone, manual process," says Sassan Danesh, co-chair of the FIX Trading Community, global fixed-income committee and managing partner at Etrading Software. "The Straight Through Enablement capability provided by Fix allows industry adopters to provide superior client service and reduced operational risk by ensuring the dissemination of consistent counterparty information between market participants."
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